This office lease provision refers to a tenant that is a partnership or if the tenant's interest in the lease shall be assigned to a partnership. Any such partnership, professional corporation and such persons will be held by this provision of the lease.
Alabama Standard Provision to Limit Changes in a Partnership Entity
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Multi-State
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US-OL203A
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How to fill out Standard Provision To Limit Changes In A Partnership Entity?
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Description. The Uniform Partnership Act of 1997 (UPA) modernizes the Uniform Partnership Act of 1914, adopted in every state except Louisiana. It establishes a partnership as a separate legal entity, and not merely as an aggregate of individual partners.
The Uniform Partnership Act (UPA) provides governance for business partnerships in several U.S. states. The UPA also offers regulations governing the dissolution of a partnership when a partner dissociates.
The Revised Uniform Partnership Act (?RUPA?) is a model statute that determines how a business partnership should be organized and established. RUPA also dictates the legal obligations and rights of the partners involved in a partnership business.
Creation, organization, and dissolution of partnerships are governed by state law. However, many states have adopted the Uniform Partnership Act.
The partnership should have a formal, written partnership agreement, though oral agreements are valid. The partnership agreement details such things as the business's governing structure, the partners' rights and responsibilities, and how profits should be allocated.
The UPA governs general partnerships, and also governs limited partnerships except where the limited partnership statute is inconsistent. The UPA has been adopted in every State other than Louisiana and has been the subject of remarkably few amendments in those States over the past 80 years.
